Inox Wind plunged 5 percent after the company posted a loss of Rs43.27 crore in the December quarter against a profit of Rs116.56 crore a year ago.

Union Bank of India shares fell 5 percent after the lender swung to loss in the quarter ended December 31.

But Tata Motors gained 2 percent ahead of its December quarter earnings due later in the day. The automaker is set to post a net profit of Rs2,349.10 crore on revenues of Rs73,400.50 crore, according to Bloomberg estimates.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

Meanwhile, Asian shares fell the most in over a year following a sell off on Wall Street amidst speculation that central banks globally are likley to tighten policy more aggressively.